MJ's children granted annual income of $8 million

King of Pop Michael Jackson's children have been granted a total annual income of $8 million (approx Rs. 48 crore). The late pop star, left behind three children when he died of acute Propofol intoxication in 2009 - 17-year-old Prince, 16-year-old Paris and 12-year-old Blanket - and the court that oversees their welfare has now allocated finances for their living expenses, reported Daily Star.

The expenses for the youngsters, who live with their grandmother Katherine Jackson and their cousin TJ Jackson in Los Angeles, California, breakdown as $3 million for their school fees, $300,000 for holidays and $600,000 for a personal security team. The court has also authorised them to spend a further $200,000 a year from their late father's estate on renting a mansion. In addition to Paris, Prince and Blanket each receiving $15,000 a month in spending money, their legal guardian, Katherine, also receives $1.2 million a year for looking after them.